You guys should read something - http://www.sec.gov/info/smallbus/qasbsec.htm#noreg and ascertain whether it applies in our collective case. I would be hard-pressed to believe that any of you would think otherwise. Given that Creativex is an American citizen, it is in his best interest to remain silent now and possibly forever on the subject of bASIC-mining. We all jumped in and took the risk without fully understanding the regulations and consequences of our actions. It is time for us to grow up and take responsibility for those actions. Perhaps what is really needed at this time is a defence fund for Creativex rather than a scammer tag! You people are the scammers. You are probably in violation of federal and state laws which hardly gives you the authority to second-guess the integrity of Creativex. I would hope that he is retaining counsel if it is required and it would be nice if someone with the know-how would set up a defence fund on his behalf. Does anyone here have that knowledge? Creativex - if you are reading this - take care of yourself. no dollars changed hands... as I understand it creativeX only exchanged BTC for dollars to buy mining gear if he even purchased anything in USD. this is not the same thing as trendon shavers who duped a lot of people into giving him bitcoins and then exchanged them for dollars to fund his gambling habits.... does this mean that people who run WOW guilds and distribute a share of fat loot also have to register with the SEC? does this mean that EVE online has to register as a money service business? I'm not a legal expert but the way most tax authorities around the world have taken a position on virtual currencies is when they are exchanged for Fiat currency.. and by logical extension this should also apply to the way the SEC views virtual shares in a virtual business which deal solely in virtual currencies. as we have seen with the Trendon shavers case... the SEC only gets involved when someone loses a whole lot of real money and files a complaint. it doesn't seem like money (real or virtual) has been lost in the case of Basic-Mining so I don't think we have too much to worry about at this point. PS I was watching a doco the other day where the chairman of ASIC (Australias version of SEC) spelled out loud and clear that ASICs primary focus is to go after fraud cases where retail investors have lost a whole lot of money.. now ASIC and the US SEC do operate under different guidelines but ASIC is modeled on the US SEC. I'm sure if you look at high profile SEC cases you will see some similar statements. It would be nice if we could compare BTC-TC with a game such as monopoly, EVE or WOW so that we could be left to our own devices. Take care |
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You guys should read something - http://www.sec.gov/info/smallbus/qasbsec.htm#noreg and ascertain whether it applies in our collective case. I would be hard-pressed to believe that any of you would think otherwise. Given that Creativex is an American citizen, it is in his best interest to remain silent now and possibly forever on the subject of bASIC-mining. We all jumped in and took the risk without fully understanding the regulations and consequences of our actions. It is time for us to grow up and take responsibility for those actions. Perhaps what is really needed at this time is a defence fund for Creativex rather than a scammer tag! You people are the scammers. You are probably in violation of federal and state laws which hardly gives you the authority to second-guess the integrity of Creativex. I would hope that he is retaining counsel if it is required and it would be nice if someone with the know-how would set up a defence fund on his behalf. Does anyone here have that knowledge? Creativex - if you are reading this - take care of yourself. Just trying to understand what you want to say. We all understand that at best the legal situation of basic-mining is/was murky. Are you saying that now that legal risk become more concrete (IMHO the same as last month) this justify disappearing and leaving the investors wondering if they got stolen? I'm fine with CreativeX not willing to pursue further because of legal risk. If that is the case, the correct thing to do is to liquidate the assets and distribute back the profits to the share holders. Not a legal expert but disappearing could make him be in even more trouble if someone having lost few thousands of dollars calls the police. I said what I wanted to say. The fact that you don't understand it is based on your imperfect mental model of what has transpired. All offers and sales of securities must be registered with the SEC or qualify for some exemption from the registration requirements. Even the exemptions, if you qualify for them, require a form 144 to be filed with the SEC. So, the legality of what occurred at BTC-TC and LTC-Global is the same as it has been since 1933 (apparently). The fact that you and I didn't know this doesn't make it any more or less murky since last month. I know as much as the rest of you which means you know that Creativex has been running this revenue share for going on a year and communicating with us on a very regular basis until now. Obviously something has changed and I refuse to believe his intentions are dishonest. He has already liquidated the assets and holdings of LTC-DMF and dispersed those funds to shareholders as a dividend on the closing of LTC-Global (also operated by Burnside). He stated this in his last post on Oct. 7th (in the LTC-DMF forum) and has said nothing else since that day in this or the LTC-DMF forum. We also know that he was considering other options to continue trading at first but those options were and still are extremely limited. I can guarantee one thing - no investors have got stolen. (sorry I couldn't resist) Take care |
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You guys should read something - http://www.sec.gov/info/smallbus/qasbsec.htm#noreg and ascertain whether it applies in our collective case. I would be hard-pressed to believe that any of you would think otherwise. Given that Creativex is an American citizen, it is in his best interest to remain silent now and possibly forever on the subject of bASIC-mining. We all jumped in and took the risk without fully understanding the regulations and consequences of our actions. It is time for us to grow up and take responsibility for those actions. Perhaps what is really needed at this time is a defence fund for Creativex rather than a scammer tag! You people are the scammers. You are probably in violation of federal and state laws which hardly gives you the authority to second-guess the integrity of Creativex. I would hope that he is retaining counsel if it is required and it would be nice if someone with the know-how would set up a defence fund on his behalf. Does anyone here have that knowledge? Creativex - if you are reading this - take care of yourself. |
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Should BASIC come to an end, the current reserve fund would be paid out to investors, correct? My questions, how large is that fund and how many shares are there outstanding?
It's in the shareholder agreement. Should management be unable or unwilling to continue operations of bASIC-MINING, a suitable replacement, designated by management, will be sought out. If none can be found, all outstanding shares of bASIC-MINING will be bought back at a price no less than 105% of the 7d Avg price, all assets held by bASIC-MINING will be liquidated, and the proceeds distributed to shareholders. Take care |
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I emailed him the other day and haven't gotten a response yet, I waited till 11:50 to panic sell and withdraw my shares  Why did you do that? Creativex posted on the main page to not panic sell and you said in your previous post you knew he would do the right thing for us... Take care |
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What I think is happening is people are failing to realize order production is first PAID first made- not order #.
Well considering I paid with Bitcoin directly after placing my order, I can't see someone with 11xx order being in front of a 56x order... Take care Because every single person who ordered paid immediately? Doubt it. Before KnCMiner announced it was "paid orders are first" everyone just started placing orders for Saturns/Jupiters attempting to reserve their position and pay later. I did it- I know a handful of people who also did. I believe one of my first orders was 6XX but was cancelled due to non-payment. Later purchased and now im stuck at 17XX. No, I am specifically referring to my order. MY order is 56x and I paid AS SOON as I made the order and there is another person in here with two orders 11XX. He said he is on day 1 and I KNOW I am on day 2 for delivery - I am not making a generalization. Take care |
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What I think is happening is people are failing to realize order production is first PAID first made- not order #.
Well considering I paid with Bitcoin directly after placing my order, I can't see someone with 11xx order being in front of a 56x order... Take care |
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11xx
11xx
both day I "in progress"
Day 1 or Day I? If day 1 then this is strange because I am 56x and showing day 2 also "in progress" Take care |
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if a troll is in the forest, under a bridge, and no one pays him a toll - has the troll done its job by preventing others passage? lets change around some semantics: If a global moderator feels compelled to nitpick a company for using an address on their 1st prototyped completed unit and yet turns around and accepted bfl money for years...does that make him a global Troll??? JOHN K?  ? It's a bit trolly to pick on KNC with only .5 TH online— which is why I made the "I guess I feel left out of the trolling" comment. But I really don't understand why people tolerate manufacturers competing with them. Battered wife syndrome perhaps. Its nothing as I see avalon testing some terahashes in eligius in months and keep customers to wait and waste of ROI.
It's funny, before avalon had products in existence they made a nice strongly worded comment about how competent testing doesn't involve mining on the network (a position I agree with). As far as I know they didn't mine at scale on the mainnet to test batch 1 units... but the later stuff? Yea. That also falls into my bin of "why the heck are people tolerating this??". Seriously??? I've been telling ppl they're full of it for 600+ pages. What will it take for everyone to get in on the program? They haven't made a heck of a lot - http://blockexplorer.com/address/17Czc8RVL3FU5T2MLx2zLbRnpfBNgH9vFo Anyway, they've been working all weekend so maybe they need some beer money - or Champagne money - and they deserve it! Finally a company that is a class act and still we aren't happy... Kudos to KnC!!! Take care $37.81? That's less than what I paid for the hotel I'm now in here in Paducah, KY. Ha ha! The Mini-mo or the Hickory House? Take care |
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Time will tell guys... Time will tell.
Most of us aren't looking to wait that long... we'd actually rather hear from Sam or Andreas  Take care |
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if a troll is in the forest, under a bridge, and no one pays him a toll - has the troll done its job by preventing others passage? lets change around some semantics: If a global moderator feels compelled to nitpick a company for using an address on their 1st prototyped completed unit and yet turns around and accepted bfl money for years...does that make him a global Troll??? JOHN K? ? It's a bit trolly to pick on KNC with only .5 TH online— which is why I made the "I guess I feel left out of the trolling" comment. But I really don't understand why people tolerate manufacturers competing with them. Battered wife syndrome perhaps. Its nothing as I see avalon testing some terahashes in eligius in months and keep customers to wait and waste of ROI.
It's funny, before avalon had products in existence they made a nice strongly worded comment about how competent testing doesn't involve mining on the network (a position I agree with). As far as I know they didn't mine at scale on the mainnet to test batch 1 units... but the later stuff? Yea. That also falls into my bin of "why the heck are people tolerating this??". Seriously??? I've been telling ppl they're full of it for 600+ pages. What will it take for everyone to get in on the program? They haven't made a heck of a lot - http://blockexplorer.com/address/17Czc8RVL3FU5T2MLx2zLbRnpfBNgH9vFo Anyway, they've been working all weekend so maybe they need some beer money - or Champagne money - and they deserve it! Finally a company that is a class act and still we aren't happy... Kudos to KnC!!! Take care |
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Not really the point. Trust is all that matters in this space. If an asset issuer is trustworthy then it doesn't matter which boxes are checked. They'll adhere to their own contract anyway. The issue for me is that it's even an option. If btct.co did blow up because of the labcoin and btcgarden fiascoes then what will stop bitfunder from doing the same? Particularly given that some asset issuers listed there will not only choose to make their contracts unilaterally fungible but can and have unilaterally altered those contracts after selling shares.
mate BTCT are closing what are we doing? Direct shares? I'm happy with anything But we can't keep it like that... Uncertainty kill in this market The stock will be at 0.01 by the end of next week Pssst! This isn't labcoin, BTCGarden, PETA-MINE, ActM or countess other money grabs. bASIC-Mining has only ever taken in a total of 1872.7165 on the sale of 4000 shares while paying out 682.6940 in dividends, and 1584.5395 to purchase hardware and investments. This means we've already paid out 394.5170 more than we've ever taken in from investors and we still have 762.9402 in liquid assets belonging to shareholders as well as 2.235Th of mining gear also belonging to shareholders. This value has been created through responsible management. I donated the original ASIC pre-order that this company was founded upon. I find it offensive that you'd even make such a comment even if in tiny text. I am sorry I offended you, it wasn't meant in that way. What I meant is that BASIC could buy back some shares and discard them, so dividends per share will be larger. Hey JimiQ84, Jak jiste vite, you can buy your own shares at the bargain prices and increase your own dividends while at the same time lowering your average buy price. Sometimes you should filter your thoughts before committing them to screen. and Hey Everyone else, CreativeX has steered and continues to steer this revenue share with honesty and integrity - values which seem to be lacking in many areas of Bitcoin. I believe he will do what is right based on logic and reason rather than the emotionality and haste you people would foist on him at this time of uncertainty. We don't even know all the details of this latest news. Give the man some time to think things through. Creativex, Take care of yourself. Whatever you do, make sure to consider your best interests above all of us leechers who would only desire to make money from your ideas and hard work. |
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This looks like nice setup of bitfury rig, with the RAM heatsinks Hi, my Boards now hashing at around 313gh/s (original around 170gh/s) 1,1kQhm    puffmais I like Bitfury - they do a lot for the Bitcoin community in terms of hardware and software development and Bitcoin promotion but holy smokes, there is no case nor any semblance of stabilization for those top-heavy cards on that somewhat flimsy-looking, uninsulated backplane. Sure it shipped as a kit but for the cost of the machine it looks rather like Mickey Mouse TM hashing. For $10k more, one could have purchased a used DeLorean TM, traveled to the future and brought back a Gen5 miner. Oh well, hopefully those that purchased the first shipment will at least break even but I wont hold my breath. You know, one could probably break even selling the DeLorean TM in a year or two if they weren't able to find a Gen5 miner in the future. I move that we buy a DeLorean TM with our Bitcoin stash for Creativex to go to the future Take care |
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IC, I didn't get that from the quoted comment. In that case I vote we sell our bfl hardware first. Despite the fact that it's roughly 2x as efficient as our Avalon gear it's 10x the hassle to maintain and is guaranteed to be non-upgradeable.
I didn't get that either. I believe he wanted shareholders to have first dibs on the purchase. This is not a good idea as it puts an undue burden on Creativex and would lengthen the process. Anyone can get in on an auction, there is no need to tie our hands with this bit of legislation. Great idea to retire the mining equipment before it is past its prime - more money to buy the gen2 or gen3 equipment Take care |
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I'd actually consider it(I'm a hockey freak) if they had a 2nd amendment or the Canuck equivalent. Think they'd mind if I brought one of my own with? :p
Happy Birthday Creative You can bring them with you in this - http://www.hockeymonkey.com/bags-stick.html - the only other thing you would have to do is say "How's it goin', eh?" to the border guard. Take care |
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Hey Creativex,
It's sad that you even have to field this crap. I'm not so sure that changing the record would help this type of individual understand. Some people just want to find fault in things that they weren't able to achieve... somehow it makes them feel better about themselves.
Take care
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Feeling pretty smug ATM about making that purchase at yesterday's exchange rate. Jist sayin'.
It's as if you knew it was going down! That's one way to get a discount Take care |
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You're fine, this is a stressful time with a dreary outlook for mining profits in the near term. I've learned to use maths as a guide but to not rely on strictly numbers to make my purchasing decisions. Accepting as fact that each vendor will deliver on their claims has proven to be a mistake time and again...someone will likely miss their target in a major way. I believe we've placed an order with the most reliable vendor of gen 2 equipment available and the only one that's delivered anything to date.
Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.
Cheers.
Thanks creative, I trust your judgement. I also like the way you run the business with transparency and an open mind. I read in a Forbe's magazine article that listening to input from others can dramatically improve your decision making process. I like that you never give negative feedback to other's input. Take care |
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I apologize to everyone for my last rant. Obviously there is some psychology and other market factors at play and I am only looking at it from a mathematical perspective. I believe that you have a good long-term strategy Creativex and it is also important to refresh the mining equipment as the previous generation becomes obsolete. Even if we break even, we are keeping up with the increasing difficulty so there wont be a need to play catch-up when things settle out.
Perhaps we should increase the percentage of mining that goes back into equipment purchases until thing settle out. Just throwing it out there.
Take care
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Seems like a great choice but why only 2 of them ?
What's wrong with you guys?! AS it is, we might break even on this purchase IF it comes early in October. Based on the current rate of increase in network hashing rate there is nothing out there for sale that will be profitable. Bitfury seems to be the best choice but people have not grasped the fact that they are playing a losing game and all of these companies producing ASICs are still able to sell them. There are unscrupulous people offloading their 5G BFL Jalapenos for over $1000 because there are uneducated consumers buying in on the hype. I wish we would all step back and see the reality of the situation. We are in a good position with BTC in the bank right now. Letting the market settle out is an excellent plan. NOOOooo you people would rather pressure Creativex to spend it all now on VAPOUR! He might as well disburse the pot of BTC to the shares and let bASIC-mining die as to do that. Creative has a good plan - let him execute it!! Sorry, I had to vent. Take care |
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